RIOT Form 4: Jason Les Disposes Shares Under 10b5-1 Plan at ~$20.04
Rhea-AI Filing Summary
Jason Les, listed as CEO and a director of Riot Platforms, Inc. (RIOT), reported insider sales on a Form 4. The filing shows sales effected on 09/24/2025 under a Rule 10b5-1 trading plan adopted on 09/10/2024. The report lists a weighted average sale price of $20.04 per share (sales prices ranged $20.00–$20.10) and states the Reporting Person beneficially owns 896,659 shares indirectly through a trust. The Form is signed by an attorney-in-fact on 09/26/2025. The filing includes an explanatory footnote that full transaction detail will be provided upon request.
Positive
- Sale executed under a Rule 10b5-1 trading plan, indicating a pre-established, compliant process
- Weighted average price disclosed ($20.04) with explicit price range ($20.00–$20.10), improving transparency
- Indirect beneficial ownership disclosed (896,659 shares held in trust), providing clarity on continuing holdings
Negative
- Insider disposals reported, which may reduce insider-held stake (sales of shares on 09/24/2025)
- Full transaction-level details not included in the Form; available only upon request, limiting immediate transparency
Insights
TL;DR: Insider sales were executed under a pre-established 10b5-1 plan; the filing discloses weighted-average sale pricing and remaining indirect ownership.
The Form 4 documents disposals executed on 09/24/2025 pursuant to a Rule 10b5-1 plan adopted 09/10/2024, with a reported weighted average sale price of $20.04 and price range $20.00–$20.10. The report shows the reporting person retains indirect beneficial ownership of 896,659 shares held in trust. The filing follows standard disclosure practice by noting availability of full transaction-level details upon request. From an equity-monitoring perspective, this is a routine scheduled sale under a trading plan rather than an ad-hoc disposition.
TL;DR: Governance procedures appear followed: sale via 10b5-1 plan and disclosure of trust ownership; no additional governance issues disclosed.
The Form 4 identifies Jason Les as both CEO and a director and indicates the sales were made pursuant to a documented 10b5-1 trading plan, which is a common governance mechanism to mitigate insider trading concerns. The filing discloses indirect ownership through a trust and commits to provide transaction specifics on request. There are no statements in the filing indicating amendments, special waivers, or unusual transfer mechanisms.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 23,252 | $20.04 | $466K |
| holding | Common Stock | -- | -- | -- |
Footnotes (3)
- F1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on September 10, 2024.
- F2. These shares were sold on the indicated date in a series of multiple transactions at prices ranging from $20.00 to $20.10, inclusive, per share. The price reported above reflects the weighted average sales price. The Reporting Person undertakes to provide, upon request by the SEC staff, the Issuer, or a security holder of the Issuer, full information regarding the number of shares and prices at which the transactions were effected.
- F3. Shares held in trust by Jason M. Les, as Trustee of The Jason M. Les Trust dated March 8, 2021.
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